Royal Bank of Scotland may post a 2008 loss exceeding $41 billion –coincidentally the size of the 2009 projected deficit for the entire state of California. Let’s compare the two:
Royal Bank of Scotland: State of California
No. of employees: 227,800 Population: 36.5 million
Revenues: $47.85 bilion Est. 2009 Revenues: $72.6 billion
Est. 2008 loss: $41.3 billion Est. 2009 Budget Gap: $41.56 billion
It’s wondrous how much banks can write-down. RBS has 0.6% the number of people under its employ compared to the number of people living in California, yet it can match the Golden State dollar for dollar on budget holes.